THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
An auditor,examining a total of 650 accounts receivable by a corporation,selected a random sample of 45 accounts.The sample mean is $108.34 and the sample standard deviation is $30.85.
-Using an unbiased estimation procedure,find an estimate of the variance of the population mean.
A)29.60
B)19.72
C)14.26
D)25.87

Question

Quizplus · Accepted Answer

The unbiased estimation procedure for estimating the variance of the population mean is given by the formula:
s^2 / n, where s is the sample standard deviation, and n is the sample size.
Substituting the given values, we get:
s^2 / n = (30.85)^2 / 45 = 19.72
Therefore, the estimate of the variance of the population mean is 19.72, which corresponds to choice B.